This study looked at comparison of chemical components and pharmacological activity between wild Ophiocordyceps sinensis and Paecilomyces hepiali. The chemical components investigated included amino acids, vitamins, dietary elements, protein, lipid, ash, carbohydrates, crude fibre, ergosterol and mannitol. Studies on pharmacological activity included anti-platelet aggregation, inhibitory effect on IL-8 gene expression, anti-mutagenic activity, skin whitening effect and improvement activity on human skin texture. The results show that P. hepiali has a larger total content of seven essential amino acids (leucine, lysine, methionine, phenylalanine, tryptophan, tyrosine and valine) than O. sinensis, 8580 mg/100g and 6180 mg/100g respectively. The total content of dietary elements analysed (potassium, magnesium, zinc, copper, manganese and selenium) was also higher in P. hepiali (3135 mg/100g) than that in O. sinensis (2445 mg/100g). The total content of four vitamins (B1, B2, B6 and E) was almost equal for both fungi. Paecilomyces hepiali had more content of protein, lipid, ash, carbohydrate, ergosterol and mannitol than O. sinensis. However, the contents of lipid and ash were not significantly different between the two fungi. The hot water extract of P. hepiali has been shown to have a number of pharmacological effects which include 1) inhibition of aggregation on human platelet, 2) inhibition of IL-8 gene expression, 3) anti-mutagenic activity, 4) inhibition effect on production of melanin, and 5) improvement on human skin texture. Anti-platelet aggregation effects on human platelet, inhibition of IL-8 gene expression, anti-mutagenic activity and improvement effect on human skin texture were greater in P. hepiali treatments than that in wild O. sinensis.